HEPAN: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HEPAN
Largest movements
- Tangible fixed assets +€44,735
new in 2025: €44,735
- Cash -€33,483
down €33,483 (-18.8%), from €178,229 to €144,746
mainly Investment in fixed assets (net) (-€48,883) and Receivables within one year (-€5,062)
- Receivables within one year +€5,062
up €5,062 (+335%), from €1,510 to €6,572
- Reserves +€13,670
up €13,670 (+8.5%), from €160,648 to €174,319
of which Distributable reserves: +€13,670
- Trade debts +€2,729
up €2,729 (+434%), from €629 to €3,358
- Depreciation +€3,595
up €3,595 (+651%), from €552 to €4,148
- Taxes -€1,244
down €1,244 (-17.8%), from €6,976 to €5,732
- Gross operating margin -€1,035
down €1,035 (-4.8%), from €21,648 to €20,613
- Financial income +€948
up €948 (+42.7%), from €2,219 to €3,167
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €180,544 | €196,974 | +€16,430 | +9.1% |
| Fixed assets | 21/28 | - | €44,735 | +€44,735 | |
| Tangible fixed assets | 22/27 | - | €44,735 | +€44,735 | |
| Furniture and vehicles | 24 | - | €44,735 | +€44,735 | |
| Current assets | 29/58 | €180,544 | €152,239 | -€28,305 | -15.7% |
| Amounts receivable within one year | 40/41 | €1,510 | €6,572 | +€5,062 | +335% |
| Trade receivables | 40 | €1,510 | €6,572 | +€5,062 | +335% |
| Cash at bank and in hand | 54/58 | €178,229 | €144,746 | -€33,483 | -18.8% |
| Deferred charges and accrued income | 490/1 | €805 | €921 | +€116 | +14.4% |
| Total equity and liabilities | 10/49 | €180,544 | €196,974 | +€16,430 | +9.1% |
| Equity | 10/15 | €179,240 | €192,911 | +€13,670 | +7.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €160,648 | €174,319 | +€13,670 | +8.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €158,789 | €172,459 | +€13,670 | +8.6% |
| Amounts payable | 17/49 | €1,304 | €4,063 | +€2,760 | +212% |
| Amounts payable within one year | 42/48 | €1,199 | €3,664 | +€2,464 | +205% |
| Trade debts | 44 | €629 | €3,358 | +€2,729 | +434% |
| Suppliers | 440/4 | €629 | €3,358 | +€2,729 | +434% |
| Taxes, remuneration and social security | 45 | €570 | €305 | -€265 | -46.5% |
| Taxes | 450/3 | €570 | €305 | -€265 | -46.5% |
| Accrued charges and deferred income | 492/3 | €105 | €400 | +€295 | +282% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €552 | €4,148 | +€3,595 | +651% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €21,648 | €20,613 | -€1,035 | -4.8% |
| Operating profit (loss) | 9901 | €20,977 | €16,345 | -€4,632 | -22.1% |
| Financial income | 75/76B | €2,219 | €3,167 | +€948 | +42.7% |
| Recurring financial income | 75 | €2,219 | €3,167 | +€948 | +42.7% |
| Financial charges | 65/66B | €114 | €110 | -€4 | -3.1% |
| Recurring financial charges | 65 | €114 | €110 | -€4 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €23,083 | €19,402 | -€3,681 | -15.9% |
| Income taxes | 67/77 | €6,976 | €5,732 | -€1,244 | -17.8% |
| Profit (loss) for the period | 9904 | €16,107 | €13,670 | -€2,437 | -15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,107 | €13,670 | -€2,437 | -15.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.